Centerline Capital Group Refinances Three Multifamily Properties in Sacramento
— Total funding equals $22.4 million —
New York, NY — April 30, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has refinanced three multifamily properties located in Sacramento, California.
The loans – all Fannie Mae, fixed rate loans – carry terms that range from seven to ten years and will be used to refinance the client’s maturing loans on Cedar Ridge, Stonegate, and Sunrise Center Apartments. The properties are all located in the Sacramento MSA and include:
» Cedar Ridge Apartments is comprised of 274 multifamily units housed in 17 buildings, including 16 two-story residential buildings and one single-story leasing office. Built in 1985 and situated on 10.62 acres, located at 4945 Mack Road.
Property amenities include a leasing office with a clubhouse outfitted with a kitchen, two pools and a spa, and two laundry facilities. Cedar Ridge also offers 451 parking spaces including 223 carports and 228 open spaces.
» Stonegate Apartments consists of 288 multifamily units in 23 buildings including 22 two-story residential buildings and one single story leasing office. Built in 1979 on 12.32 acres, located at 5445 Mack Road – one block away from its sister property, Cedar Ridge Apartments.
Amenities at Stonegate include three small pools and three laundry facilities with 24 washers and dryers distributed in the facilities. The Property also has 576 parking spaces including 288 carports and 288 open spaces.
» Sunrise Center Apartmentsis made up of a total of 171 multifamily units in 21 buildings including an attached single story leasing office. Located at 5933 Sunrise Vista Drive, Sunrise Center sits on 7.61 acres and was built in 1973. The Property has an outdoor pool and spa, and a laundry facility with 12 washers and 13 dryers. Sunrise Center also has 252 parking spaces including 148 carports and 104 open spaces.
“What was unique about this deal was that all three properties had existing conduit loans that were maturing in April 2014,” explained Jon Killough, Senior Vice President at Centerline Capital Group. “Centerline was able to provide the borrower with Agency grade replacement debt, at relatively low loan-to-values. Cedar Ridge came in at 67%, Stonegate Apartments at 68%, and Sunrise Center at 55%. We were pleased that these loans came together so well for Mr. Peter Afrooz and his mother, Mrs. Daisy Afrooz - first time Centerline clients.”
“Centerline effectively structured this multi-property portfolio in a timely fashion, and we are very pleased with the outcome,” noted Peter Afrooz. “This was a complex transaction in that we needed to close quickly give the impending maturities, but also create a plan through the financing for necessary capital repairs to each site over the next 12-months. We hope to partner again with Centerline in the near future.”
The Centerline deal team included Killough and Philip Melton.
The Affordable Housing Debt group at Centerline provides mortgage financing for affordable multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today, the firm’s lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.